Qivalis, the euro stablecoin venture backed by 37 European banks, has been authorized as an electronic money institution by De Nederlandsche Bank (DNB), the Dutch central bank. The authorization, announced on October 14, clears a key regulatory step before the Amsterdam-based company can issue a euro-denominated token.
Qivalis is now under DNB's ongoing supervision and may issue euro-denominated electronic money tokens, a regulated type of stablecoin. The token has not yet been issued. The company says issuance is planned within the next months.
According to CoinDesk, the license is a step toward a token that complies with the EU's Markets in Crypto-Assets Regulation (MiCA), but Qivalis must still meet the remaining MiCA requirements, including publishing a white paper, before it can issue. Under MiCA, such tokens must be issued by authorized credit institutions or electronic money institutions, holders can redeem them at face value at any time, and they cannot pay interest.
Qivalis is backed by 37 banks across 15 countries. CoinDesk names BBVA, BNP Paribas, ING and DZ Bank among them, and reports that the consortium has grown since its founding in September 2025. Distribution is planned through banks, crypto exchanges and payment providers rather than directly to consumers.
"Europe's currency deserves Europe's rules – on-chain," said Jan-Oliver Sell, Qivalis's chief executive, in the company's announcement. The supervisory board is chaired by Sir Howard Davies, a former chairman of NatWest Group and of the UK Financial Services Authority. CoinDesk also reports that Qivalis has selected Fireblocks to provide digital asset infrastructure.
Several details remain undisclosed. Neither the announcement nor CoinDesk's report names the blockchain the token will use, the capital behind the venture, expected transaction volumes, or which member banks will use the token. The announcement does not say whether the white paper has been published.